Issuance of the Legal Notice Regulating the Malta Permanent Residence Programme
Issuance of the Legal Notice Regulating the Malta Permanent Residence Programme
The Malta Permanent Residence Programme is a revamped version of the Malta Residence and Visa Programme and it still grants the beneficiary as well as his or her dependants the right to settle, stay and reside in Malta on a permanent basis.
Following the announcement made by the Government of Malta on the 12th of January 2021, a legal notice regulating the new “Malta Permanent Residence Programme” was published and came into force on the 29th of March 2021. As a result, no new applications can now be made for a residence certificate to be issued in terms of the Malta Residence and Visa Programme.
The Malta Permanent Residence Programme is a revamped version of the Malta Residence and Visa Programme and it still grants the beneficiary as well as his or her dependants the right to settle, stay and reside in Malta on a permanent basis. The publication of this new programme also prompted the launch of the Residency Malta Agency, which is the Agency responsible for receiving and vetting applications from approved agents, such as BDO Malta.
Naturally, for a successful application, the applicant must fully satisfy the requirements indicated in the new legal notice. These requirements include the following:
- The main applicant must be over the age of eighteen.
- The main applicant must be able to provide sufficient proof that he possesses capital assets of not less than €500,000 (a minimum of €150,000 must be financial assets).
- The main applicant shall be required to pay €40,000, as administrative fees, to the Residency Malta Agency.
- A non-refundable contribution to the Government of Malta must be paid by the main applicant. The non-refundable contribution shall be of €28,000 if the main applicant purchases a property in Malta or €58,000 if he or she leases a property in Malta. An additional €7,500 non-refundable contribution shall need to be paid for the spouse of the main applicant or the parent/ grandparent of the main applicant, who is included in the application as a dependant.
- Satisfy the qualifying property requirement, that is, either purchase a property in Malta of not less than €350,000 if situated in Malta or €300,000 if situated in the south of Malta or Gozo or alternatively rent a property for not less than €12,000 per annum if the property is situated in Malta or not less than €10,000 if the property is situated in the south of Malta or Gozo.
- Donate at least €2,000 to a local registered philanthropic, cultural, sport, scientific, animal welfare or artistic non-governmental organisation.
As a duly approved accredited agent, BDO Malta has a team of legal and tax professionals who can assist applicants throughout the entire application process of the Malta Permanent Residence Programme. Therefore, for any queries on the new programme, please get in touch with us today.